Alnylam prices $575M zero-coupon convertible notes due 2028; repurchases $637.8M of 2027 notes

ALNYLAM PHARMACEUTICALS, INC.

$575M principal of 0.00% convertible senior notes due 2028 priced; initial conversion price ~$670.11/share, 40% premium to VWAP.
Net proceeds ~$561.6M; ~$30.7M used for capped call transactions with cap price ~$837.61/share (75% premium).
Concurrently repurchased ~$637.8M of existing 1.00% convertible notes due 2027 for ~$1,105.8M including accrued interest.
Offering upsized from earlier $500M announcement; initial purchasers have option for additional $86.25M.
Closing expected Sept 12, 2025; notes mature Sept 15, 2028; redeemable after Sept 20, 2027 if stock >130% conversion price.

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